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CH 12 897586

Chapter 12 Vocab

Acceptance The action of consenting to receive or undertake something offered.
Accord and Satisfaction A contract law concept about the purchase of the release from a debt obligation. The payment is typically less than what is owed and is not paid by the actual performance of the original obligation.
Account Stated A statement between a creditor (the person to whom money is owed) and a debtor (the person who owes) based upon a series of prior transactions that a particular amount is owed to the creditor as of a certain date.
Assign (Assignment) A task or piece of work assigned to someone
Assignee A person to whom a right or liability is legally transferred.
Assignor A person, company or entity who transfers rights they hold to another entity.
Bilateral Contract A reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act. Each party is an (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or boun
Breach of Contract A legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.
Competent Parties Those persons legally and mentally capable of entering into agreements that are enforceable by law. Some persons, such as minors, persons under the influence of alcohol and other drugs, and mentally ill persons not declared insane, have only a limited cap
Contract A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Counteroffer An offer made in response to another.
Discharge To tell (someone) officially that they can or must leave, in particular.
Duress threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.
Executed Contracts A completed contract
Executory Contract A contract which has not yet been fully performed, that is to say, fully executed. To put it another way, it's a contract under which both sides still have important performance remaining.
Express Contract An exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.
Formal Contract A contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract.
Fraud Wrongful or criminal deception intended to result in financial or personal gain.
Implied Contract An agreement created by actions of the parties involved, but it is not written or spoken.
Impossibility of Performance An excuse for the nonperformance of duties under a contract, based on a change in circumstances (or the discovery of preexisting circumstances), the nonoccurrence of which was an underlying assumption of the contract, that makes performance of the contrac
Informal Contract Agreement that is not (or need not be) in a prescribed format to be legally valid and binding.
Innocent Misrepresentation A representation in good faith reasonably believed true by the one making it but in fact untrue.
Invitations to offer When one or many party/persons are invited to one or more offer
Mirror Image Rule an offer must be accepted exactly with no modifications. The offeror is the master of one's own offer.
Misrepresentation the action or offense of giving a false or misleading account of the nature of something.
Money Damages an award, typically of money, to be paid to a person as compensation for loss or injury.
Novation the substitution of a new contract in place of an old one.
Offer present or proffer (something) for (someone) to accept or reject as so desired.
Offeree the person to whom it is addressed
Offeror The person who gives the offer
Performace the action or process of carrying out or accomplishing an action, task, or function.
Recession The act of going back
Restitution recompense for injury or loss. aka money
Specific Performance the performance of a contractual duty, as ordered in cases where damages would not be adequate remedy.
Undue influence Influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences.
Unilateral Contract a contract created by an offer than can only be accepted by performance
Valid Contract A contract that complies with all the essentials of a contract and is binding and enforceable on all parties
Void Contract(s) A formal agreement between two parties that may be rendered unenforceable for a number of legal reasons
Voidable Contract A formal agreement between two parties that may be rendered unenforceable for a number of legal reasons
Created by: Jonay